BrandArena: Verdant Capital Raises $10 Million for Zeepay to Help Boost its Operations

Thursday 11 August 2022

Verdant Capital Raises $10 Million for Zeepay to Help Boost its Operations

Verdant Capital has raised USD 10 million of debt funding for Zeepay. The medium-term debt raise, which is part of its A.5 series, will help Zeepay expand its fast-growing remittance to wallet business.

The loan capital is meant to assist the company's rapid growth. In 2021, the company processed USD 1.8 billion in cross-border and local transaction volumes.

Andrew Takyi-Appiah, Founder and Managing Director of Zeepay In the long run, I hope to reach the USD 200 billion mark in annual transaction volumes.

Godfried Boakye, Zeepay’s CFO, said: “The raise had become mission critical as we expand our service offering and African expansion.”

Zeepay’s business is enjoying multiple growth drivers, including growth in the number of mobile wallets in recipient populations, as well as growth in the termination to the wallet as a percentage of global remittances. Zeepay is also expanding its value-added services (VAS) including credit offering and broadening and deepening its footprint in Africa (now terminating into 20 African countries). Zeepay is also expanding into the important Caribbean and Latin American markets.

Kwabena Appenteng, of Verdant Capital, said: “We are delighted to see the close of this component of the round, and urge local financial institutions and pension funds to find their niche, to enable them to participate alongside international lenders in the future as we work to deepen the African fintech ecosystem”.

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